House of Reps summon Emefiele over new CBN cash withdrawal limits

The Governor of the Central Bank of Nigeria, Godwin Emefiele, has been summoned by the House of Representatives to explain the new cash withdrawal limits.

They have criticized the CBN’s new policy, which limits cash withdrawals from Deposit Money Banks and other financial institutions, among other things.

House of RepresentativesConsequently, the House summoned Emefiele to come and explain the policy to the parliament.

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He is to appear before the lawmakers on Thursday.

This is based on a motion of urgent public importance moved by a member of the House, Aliyu Magaji, at the plenary on Thursday.

Several lawmakers warned that the policy would have serious consequences and adverse effects on businesses and Nigerians who have no access to the banking system.

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The Minority Leader, Ndudi Elumelu, however, said the policy would check crimes as funds would now be tracked through the banking system. He said though the timing might be wrong, the country would benefit more from it.

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